SEOUL, South Korea (CNN) — The death toll from the South Korean ferry capsizing has gone up to 275, with dozens more still missing, the nation’s officials said Saturday.

“The two additional male bodies were retrieved overnight,” the Government Rescue Headquarters said. It said 29 people are listed as missing.

Most of the dead and missing are students, all from the same high school, who were taking the ferry to the resort island of Jeju for a field trip. It capsized on April 16.

Divers are still searching the submerged vessel for the missing people, braving frigid waters, strong currents and corridors clogged with debris. Last week, one of the divers died while working to recover bodies.

South Korean authorities cracked down on the company that operated the Sewol passenger ferry following the disaster that shocked the nation.

The chief executive of ferry operator, Cheonghaejin Marine Co., was arrested Thursday and is facing charges including causing death by negligence, said Yang Joong-jin, a senior prosecutor in the investigation.

The government is also taking steps to revoke the company’s business licenses, the the Ministry of Oceans and Fisheries said.

The planned measures are aimed at taking away the licenses of the company for all its routes, including the one on which the Sewol passenger ferry sank.

The stunning loss of life has shaken South Korea, raising troubling questions about safety standards and government oversight of businesses. President Park Geun-hye has apologized over the government’s handling of the disaster and pledged to overhaul safety systems.